On the occasion of Dhanteras, observed on November 6, 2026, buyers of the white metal have seen a significant reduction in market rates. According to data provided by the India Bullion and Jewellers Association (IBJA), the indicative price for 999-purity silver stood at Rs 1,81,863 per kilogram on Friday. This figure marks a decline of Rs 5,437 from the rate recorded on the evening of November 5, when the same purity was priced at Rs 1,87,300 per kilogram.
This price adjustment arrives during the peak of festive shopping, as many across India prepare to purchase silver coins, bars, utensils, and jewellery for Dhanteras and the subsequent Diwali celebrations. While the IBJA provides an indicative benchmark for market trends, the final price consumers encounter at retail outlets often differs. Buyers are encouraged to compare prices between various jewellers before finalizing a purchase.
It is important for consumers to recognize that the base silver price is only one component of the final cost. Retail jewellery prices typically include additional levies, such as Goods and Services Tax (GST), making charges, and other overhead costs set by the individual seller. Understanding these factors can help shoppers navigate the market more effectively during the high-demand festive period.
For those prioritizing quality assurance, the Bureau of Indian Standards (BIS) has maintained a framework for silver hallmarking in India since October 2005. While this process is voluntary, it is designed to enhance the traceability of precious metals. The system, which functions similarly to the gold hallmarking protocol, utilizes the Hallmark Unique Identification (HUID) to verify the authenticity of artefacts and jewellery.
The BIS currently recognizes eight distinct silver purity grades for hallmarking, ranging from 800 and 835 to 999 parts per thousand. The hallmarking process involves specific fees payable by jewellers to recognized Assaying and Hallmarking Centres. The current cost is set at Rs 35 per article, subject to a minimum consignment fee of Rs 150, alongside a BIS levy of Rs 3.50 per article. These charges do not include applicable taxes, which are added at the time of transaction.
Market fluctuations leading up to this point have been varied. For instance, on November 2, the silver rate was recorded at Rs 1,79,972 per kilogram. This increased to Rs 1,86,133 on November 4, followed by the peak of Rs 1,87,300 on November 5. The recent dip on November 6 provides a distinct change in the price trajectory observed earlier in the week.
As festive demand remains strong, the focus for many remains on both the fluctuating market rates and the long-term benefits of purchasing hallmarked items. By staying informed on official IBJA rates and understanding the mandatory standards for purity, consumers can make more calculated decisions when acquiring precious metals during this season.
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